SpringHill Bioventures launches venture fund focusing on Malaysia
(AltAssets)
29-Jan-2003
Kuala Lumpur-based SpringHill BioVentures has announced the launch of a $30m venture capital fund focusing on biotechnology companies in Malaysia. The fund will be run by SpringHill Management, headed up by experienced biotech entrepreneur Dr Kim Tan.
Shareholders of the fund are Khazanh Nasional, Great Eastern Life Assurance (Malaysia), PacificMas Group and TH Group.
The fund has been set up to encourage the development of the biotech industry in Malaysia, and Dr Kim Tan said: ‘The biotech industry is an important part of the global economy. I look forward to working to create a successful and vibrant biotech industry in Malaysia.’
The fund will invest both in existing biotech companies in Malaysia and in start-ups through forming joint ventures with foreign companies, SpringHill BioVentures said. But it will consider opportunities in start-ups and undervalued companies in both the EU and the USA.
The Malaysian government signalled its commitment to the development of the venture capital industry in Malaysia recently when it awarded a $100,000 start-up grant to the newly-formalised Asia Pacific Venture Capital Alliance.
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